United Spirits Posts Loss Of Nearly Rs 9 Crore In Q4

New Delhi: Liquor major United Spirits on Thursday posted narrowing of standalone net loss at Rs 8.99 crore for the fourth quarter ended March 2016, on account of exceptional items.

The company had reported a net loss of 1,799.28 crore for the corresponding three-month period a year ago, it said in a filing to the BSE.

Net sales on a standalone basis were up 13.03 per cent at Rs 2,283.64 crore in the quarter under review as against Rs 2,020.37 crore in the year-ago period.

"Exceptional items for the year ended march 31, 2016 include a profit on sale of UBL shares amounting to Rs 853.60 crore and provision of loans and advances to an investment in subsidiaries amounting Rs 140.1 crore and write back of provision for doubtful advances amounting Rs 22.75 crore," USL said.

During the year, USL's wholly owned subsidiary Asian Opportunities and Investments had sold its entire interest on Bouvet Ladubay SA, it added.

For the full fiscal year 2015-16, United Spirits posted a consolidated net profit of Rs 967.75 crore as against a net loss of Rs 1,687.71 crore for the previous fiscal year.

Net sales were up 0.88 per cent at Rs 9,240.07 crore in 2015-16 as against Rs 9,159.39 crore in 2014-15. 

Shares in United Spirits, on Thursday, settled 0.32 per cent lower at Rs 2,485.25 apiece on the BSE, whose benchmark Sensex index finished up 1.88 per cent.